North Tampa Community Lands $50M Refi

Walker & Dunlop provided the 10-year Freddie Mac mortgage which retires two CMBS notes of nearly $37 million.
The Oaks of Woodland Park

BH Equities has taken a $49.6 million Freddie Mac refinancing loan for The Oaks of Woodland Park, a 404-unit community in Tampa, Fla. Walker & Dunlop provided the 10-year mortgage, according to Hillsborough County records. 

The mortgage replaces two CMBS notes totaling $36.8 million, which Berkadia originated in 2013 and 2016, according to Yardi Matrix. The borrower had acquired the asset for $32.2 million from Waterton in 2013.

Located on 31 acres at 4747 W. Waters Ave., the property encompasses 46 two-story buildings completed in 1985. The community has one- to three-bedroom floorplans. Amenities include two swimming pools, a spa, fitness and business centers, a tennis court and a playground. The property is 10 miles from downtown Tampa and 8 miles north of the city’s international airport. Several dining and shopping options are available along West Waters Avenue.

Last year, BH Equities paid $73 million for The Falls and Woods of Hoover, a 696-unit community near Birmingham, Ala. Heritage Income Properties sold the asset.